Magnetic Drive Pumps Market : Global Growth, Trends, and Forecast to (2023 – 2029)

Magnetic Drive Pumps Market was valued at US$ 1.09Bn. in 2022. The market size is estimated to grow at a CAGR of 6.92% over the forecast period.
Magnetic Drive Pumps Market Overview:
The operation of a magnetic drive centrifugal pump is similar to that of a regular centrifugal pump, with the exception that the motor shaft seal is removed, preventing leaks caused by shaft seal failure. Where flooded suction circumstances exist, magnetic drive centrifugal pumps must be used. In terms of equipment and completed products, the food and beverage industry prioritize quality and sanitation. Various chemicals, such as detergents, sanitizers, and cleaning agents, are pumped using a magnetic drive pump. The constant increase in the number of food processing units is a major factor driving the market forward.

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The report explores the market's segments (Material, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2022 to 2029. The report investigates the market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the market's contemporary competitive scenario.
Magnetic Drive Pumps Market Dynamics:
Increasing In Adoption Of Green Technologies:

Green technology adoption is becoming increasingly important to reduce emissions. Magnetic drive pumps are completely emission-free, and their popularity is growing as industrial emissions become more stringent. New water treatment, chemical processing, and food processing factories are benefiting from the increasing financial sector, easy availability of business financing, and lower interest rates. As a result, the need for magnetic drive pumps is increasing. Trade barriers in this market may operate as a restricting factor to some extent due to differences in rules, regulations, conventions, and policies among countries.

Strict Policies Against Pollution:

Construction and mining sectors in several key locations are needed to follow strict legislation to meet particular end-use industry criteria. Environmental agencies such as the Pollution Control Agency and the Environmental Protection Agency require industries to spend extensively on new technologies to reduce pollution emissions.

But, as a result of these regulations, industrial pump makers have seen a drop in volume sales. Also, due to high initial costs, corporations in developing economies are hesitant to invest much in advanced technologies.

Lack Of Skilled Labor:

Sealless Pump sales may be hampered by a lack of compliance and experienced professionals/equipment in these industries. In addition, a lack of current technology in the mining and construction industries could lead to failures and accidents, reducing sales.

Magnetic Drive Pumps Market Trends:

Magnetic drive pumps have become more popular in the renewable energy sector in recent years. Biodiesel is a liquid fuel made from renewable resources such as discarded and new vegetable oils and animal fats. Biodiesel is a cleaner-burning alternative to a variety of petroleum-based fuels. The increasing need for petroleum in many parts of the world is due to this. Magnetic drive pumps are specifically designed and produced for use in biodiesel manufacturing. For chemical transfer and recirculation, these pumps are highly recommended. In the next years, this is forecast to strengthen the magnetic drive pump industry.

Many magnetic drive pumps industry players, such as Sundyne LLC, Dickow Pump Company, Flowserve Corporation, and Gould Pumps, have contributed to the expansion of the North American market. Also, the region's chemical and petrochemical industries, pharmaceutical factories, oil refineries, and water treatment plants are all expanding, boosting the need for magnetic drive pumps.
Magnetic Drive Pumps Market Segmentation:
Based On Material:

The market is divided into polypropylene, polyvinylidene fluoride, stainless steel, nickel alloys, PFA, and ETFE segments based on material. The stainless-steel category had the biggest market share due to a variety of advantages, including lower initial pump costs and lower operating costs with higher quality. For magnetic drive pumps, the casing material of choice is stainless steel. Due to the increased usage of magnetic drive pumps in the chemical industry, petrochemical industry, refrigeration & heat transfer, oil & gas, electricity, and on/offshore plants, the nickel alloys category had the greatest CAGR.

Based On Application:

The market is divided into chemical processing, water treatment, surface treatment, food processing, oil and gas, and renewable energy based on application. Chemical pumps are used to move hazardous/dangerous fluids, ultra-pure liquids, and hard-to-seal liquids in a variety of industries. The chemical processing segment had the highest share. But, due to rising water treatment projects such as wastewater treatment in emerging economies in North America, Europe, and Asia Pacific, the water treatment category had the highest CAGR. The growing population, urbanization, improving manufacturing activity, and rising oil and gas output all contribute to the need for wastewater treatment.
Magnetic Drive Pumps Market Regional Insights:
Asia Pacific region is emerging market

The rapid expansion of the end-user industries like electronics, automotive, and healthcare sectors in the developing economies as China, India, South Korea, Taiwan, and other developing countries. Many key players from different sector are focusing on the shifting their production unit to the Asia Pacific due to the availability of the cheap labor and drastically increasing economic growth rate and manufacturing industries. China is expected to remain one of the most profitable markets in East Asia, with a market share of approximately 39.2 percent in 2021. The growing use of magnetic drive pumps in the mining and construction industries will boost sales in China. The fast expansion of construction and mining projects in China, which has one of the world's largest construction industries, has increased the demand for heavy mining and construction equipment.

India's magnetic drive pump market is expected to be the second-largest in South Asia Pacific, owing to the rapid expansion of the mining industry. Demand for centrifugal pumps has increased in the country as a result of increased mining and construction projects, resulting in increased sales of magnetic drive pumps.

Also, the higher usage of magnetic drive pumps has reshaped market growth in India due to growing water treatment and mining applications. Additionally, favorable government investments in India's infrastructure development efforts are driving the market growth. India's magnetic drive pump market will account for about 31.1 percent of the overall market share in South Asia Pacific, according to Future Market Insights.

The objective of the report is to present a comprehensive analysis of the Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Market dynamic, and structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Magnetic Drive Pumps Market make the report investor’s guide.
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Global Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 1.09 Bn.


Forecast Period 2023 to 2029 CAGR:
6.92 %
Market Size in 2029:
US $ 1.74 Bn.


 Segments Covered:
by Material
• Stainless Steel
• Alloy
• Engineering Plastic


by Type
• Mining
• Chemical Manufacturing Process
• BioFuels & Refineries
• Metal Plating & Finishing
• Food Processing
• Water Treatment
• Surface Treatment



Magnetic Drive Pumps Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Magnetic Drive Pumps Market Key Players:
• Sundyne
• IWAKI
• Klaus Union
• ITT Goulds Pumps
• March Manufacturing
• Flowserve
• Richter Chemie – Technik
• CP Pumpen
• Dandong Colossus
• Dickow Pumpen
• Micropump
• Verder
• DESMI
• HERMETIC – Pumpen
• Tengyu Enterprise
• Yida Petrochemical Pump
• Taicang Magnetic Pump
• KSB SE & CO.

Frequently Asked Questions:

1. Which region has the largest share in Global Magnetic Drive Pumps Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Magnetic Drive Pumps Market?
Ans: The Global Magnetic Drive Pumps Market is growing at a CAGR of 6.92% during forecasting period 2023-2029.

3. What is scope of the Global Magnetic Drive Pumps Market report?
Ans: Global Magnetic Drive Pumps Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Magnetic Drive Pumps Market?
Ans: The important key players in the Global Magnetic Drive Pumps Market are – Sundyne, IWAKI, Klaus Union, ITT Goulds Pumps, March Manufacturing, Flowserve, Richter Chemie – Technik, CP Pumpen, Dandong Colossus, Dickow Pumpen, Micropump, Verder, DESMI, HERMETIC – Pumpen, Tengyu Enterprise, Yida Petrochemical Pump, Taicang Magnetic Pump, KSB SE & CO.

5. What is the study period of this Market?
Ans: The Global Magnetic Drive Pumps Market is studied from 2022 to 2029.